Elrond has not been able to successfully close above this trend line since Nov 2021. Yes, the entire crypto market is on a downward trend but this is a great sell point if trading this coin. I definitely wouldn't buy as it comes close to the trendline. Until the market changes, play to the trend. It does have strong short-term support at around $48.50, but will it hold if it can't break the trendline?
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Sorry about the daily lines.